Market static after Dubai deal

THE ISEQ index gained 2.96 points yesterday to close at 2,929.22 as financial stocks rallied globally on a bailout for Dubai.

The development is seen as positive for international lenders, and brought a rally in European bank shares during morning trading.

In the financial sector, AIB shed 4.5c to €1.26, Bank of Ireland added 0.5c to €1.43, Irish Life & Permanent slipped 2c to €3.23, while insurance group FBD fell 25c to €6.60. In its November interim management statement, it said the recent floods will cost it up to €9m.